Tokyo Stocks Open Higher Extending US Gains

Faizan Hashmi Published October 20, 2021 | 09:10 AM

Tokyo, (UrduPoint / Pakistan Point News - 20th Oct, 2021 ) :Tokyo stocks opened higher on Wednesday, extending US rallies supported by buoyant corporate earnings, with a cheaper Yen also helping boost Japanese shares.

The benchmark Nikkei 225 index was up 0.63 percent or 184.51 points at 29,400.03 in early trade, while the broader Topix index advanced 0.54 percent or 11.01 points to 2,037.58.

Tokyo investors are "exploring how much share prices will be able to rise, while taking heart from rallies in US stocks," senior strategist Yoshihiro Ito of Okasan Online Securities said.

The Dollar fetched 114.59 yen in early Asian trade, against 114.39 yen in New York late Tuesday.

Among major shares in Tokyo, some electronics firms were trading higher, with Panasonic gaining 1.2 percent to 1,413 yen, TDK rallying 2.45 percent to 3,970 yen and Sharp trading up 1.

31 percent at 1,289 yen.

But automakers were underperforming on key indexes as official trade balance data released Wednesday showed Japan's automobile exports in September dropped 40.3 percent.

Toyota edged up 0.49 percent to 2,040 yen while Honda was up 0.17 percent at 3,507 yen.

Overall, Japan booked a trade deficit of 622.8 billion yen ($5.4 billion) in September, a second consecutive monthly deficit against market expectations of a 530.4 billion yen deficit, according to government data released before the opening bell.

Among other shares, Japan Airlines was down 1.84 percent at 2,393 yen and shipping firm Mitsui O.S.K. Lines was off 2.48 percent at 6,680 yen, after oil extended its rally in New York, with US benchmark West Texas Intermediate hitting a fresh seven-year high.

On Wall Street, the Dow ended up 0.6 percent at 35,457.31.